Covid-19: Cost of the pandemic for Philippine insurers

According to the Insurance Commission (IC), since the outbreak of the pandemic in March 2020 until the end of June 2022, insurers in the Philippines have recorded a total amount of 20.827 billion PHP (378.62 million USD) in Covid-19 related claims.

Most claims have been settled by life insurance companies for a total cost of 11.72 billion PHP (213.06 million USD).

Health Maintenance Organizations (HMOs), Mutual Benefit Associations (MBAs) and non-life insurers have respectively paid 7.65 billion PHP (139.07 million USD), 897 million PHP (16.3 million USD) and 560 million PHP (10.18 million USD).